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Do You Know The Costs Of Selling Your Home?

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Sat 21 Sep 2019

Do You Know The Costs Of Selling Your Home?

Recently, there have been suggestions the Government is looking to change stamp duty. Currently, buyers pay this tax, although first-time buyers receive additional support in purchasing property. However, this may change in the future, and vendors could end up bearing the burden of stamp duty.

As you can imagine, buyers are quite happy about this idea, but vendors are concerned. Selling your home is already expensive, and it is vital you know the costs of selling your home. At Coakley & Theaker, we have helped many vendors sell their home, and we are keen to ensure you know all the challenges involved in the process.

There is nothing for vendors to worry about with regards to stamp duty just yet, but it is imperative you make yourself aware of potential costs when selling your home.

Do you have to remortgage when selling your home then buying a new one?

Some vendors have to pay a notable remortgage fee when selling their home, and moving to a new mortgage. It is important you are aware of this potential fee, and take steps to budget for the charge if applicable.

One of the biggest issues for vendors in managing fees is they all need to be paid around the same time. It can be an expensive time, and many vendors find they are placed under considerable financial pressure when selling their home.

It is not uncommon for remortgaging costs to range from £1,500 to £3,000. If you face remortgaging costs, make sure you know how much you have to pay, and when you have to pay.

There are estate agent fees to consider

Most vendors need help selling their home, and the work of an estate agent is often critical in the sales process. There are estate agent fees to pay, and it is vital you know how much has to be paid, and when it has to be paid.

The emergence of online estate agents has changed the market, providing more options for vendors, and a wider range of fees. While these online agents are cheaper, many vendors find they don’t provide the expected level of service, and that better value for money is found with a traditional agent.

Before you commit to working with an agent, make sure you understand their fees, and that you feel comfortable paying for their services.

Conveyancing fees need to be taken care of

Vendors also need to arrange for conveyancing to take place, and there are associated fees with this work. If you are also buying property, you may be able to arrange a discount for a conveyancing agent to handle the sales and buying aspects.

Hiring a removal company costs money

If you require help from a removals company to move home, this is another cost you must account for. It is difficult to put a price on this service, because there are many firms to choose from, and each household has different belongings and items they wish to move. Also, the distance between your current home and new home will influence the overall cost too.

Selling your home is expensive, and it is vital you allocate funds to meet these costs. If you are selling your home, and need assistance, be sure to call on Coakley & Theaker. We offer an extensive range of services for vendors, including property valuations, so contact us today to book a valuation.